Steel Mills
Nucor to Acquire Plate Mill in Texas
Written by Sandy Williams
July 20, 2016
CHARLOTTE, N.C., July 20, 2016 — Nucor Corporation announced today that it has agreed to acquire Joy Global’s steel plate mill in Longview, Texas, for approximately $29 million. The mill produces carbon and alloy plate products with heat-treating capabilities and has an annual capacity of 180,000 tons.
“This acquisition builds on our strategy to capture a growing share of higher value-added plate products and complements the capabilities of our two existing plate mills,” said John Ferriola, Chairman, CEO and President of Nucor. “The Longview mill will serve as a valuable addition to Nucor’s plate product offerings, which we believe can be further leveraged by our Nucor commercial team.”
The mill produces specialty plate products with the capability of producing plate that can range from 1 to 12 inches thick and up to 138 inches wide. Approximately 140 non-unionized teammates work at the Longview mill.
Nucor’s existing plate mills are in North Carolina and Alabama and have a combined capacity of 2.9 million tons per year. Nucor’s existing mills produce plate for manufacturers of barges, bridges, heavy equipment, rail cars, refinery tanks, ships, wind towers, armor and other markets. Nucor plate products are also used in the pipe and tube, pressure vessel, transportation and construction industries.
Source: Nucor Corporation
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Trump still against selling USS to Japanese firm: Report
Despite ordering a new review of Nippon Steel’s bid for U.S. Steel, President Trump said he is still against selling USS to a Japanese company, according to media reports.
Algoma looks to sell more steel in Canada in wake of Trump’s tariffs
The Canadian steelmaker said its absorbing higher tariffs as it moves forward.
Ancora abandons plan to take over leadership of USS
Investment firm Ancora Holdings Group has halted its play for U.S. Steel's board, citing Nippon Steel’s proposed bid for USS “gaining momentum.”
Ancora says plan for USS would yield higher value than Nippon deal
Ancora’s intention to replace U.S. Steel's leadership was first announced in late January.
Trump orders new CFIUS review for USS
President Trump has ordered a new review of Nippon Steel’s proposed buy of U.S. Steel, to be completed within 45 days.